Spyre Therapeutics (NASDAQ:SYRE) Shares Up 9.4% – Should You Buy?

Spyre Therapeutics, Inc. (NASDAQ:SYRE) shares rose 9.4% during mid-day trading on Tuesday . The company traded as high as $22.60 and last traded at $22.57. Approximately 198,971 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 548,306 shares. The stock had previously closed at $20.62.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Guggenheim boosted their target price on shares of Spyre Therapeutics from $50.00 to $65.00 and gave the company a “buy” rating in a report on Friday, October 25th. Robert W. Baird upped their price objective on shares of Spyre Therapeutics from $50.00 to $65.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Finally, Wedbush reiterated an “outperform” rating and set a $65.00 target price on shares of Spyre Therapeutics in a report on Monday, January 13th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Spyre Therapeutics presently has a consensus rating of “Buy” and an average price target of $54.83.

Spyre Therapeutics Stock Up 7.4 %

The firm’s fifty day simple moving average is $25.40 and its 200-day simple moving average is $28.04. The firm has a market capitalization of $1.14 billion, a PE ratio of -2.94 and a beta of 2.86.

Hedge Funds Weigh In On Spyre Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Avoro Capital Advisors LLC purchased a new position in shares of Spyre Therapeutics during the 2nd quarter valued at about $43,238,000. Assenagon Asset Management S.A. purchased a new position in Spyre Therapeutics during the third quarter valued at approximately $33,609,000. Wellington Management Group LLP boosted its position in shares of Spyre Therapeutics by 89.4% in the third quarter. Wellington Management Group LLP now owns 1,507,200 shares of the company’s stock worth $44,327,000 after purchasing an additional 711,254 shares during the period. Driehaus Capital Management LLC purchased a new stake in shares of Spyre Therapeutics in the second quarter worth $16,153,000. Finally, Farallon Capital Management LLC bought a new stake in shares of Spyre Therapeutics during the 2nd quarter valued at $15,658,000. Institutional investors own 80.39% of the company’s stock.

Spyre Therapeutics Company Profile

Spyre Therapeutics, Inc, a preclinical stage biotechnology company, focuses on developing therapeutics for patients living with inflammatory bowel disease (IBD). It develops SPY001, a human monoclonal immunoglobulin G1 antibody designed to bind selectively to the a4ß7 integrin being developed for the treatment of IBD (ulcerative colitis and Crohn's disease).